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credit card tarting help needed!!
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Lee78_2
Posts: 1 Newbie
in Credit cards
Hi everyone,
I am new to this site and am thinking about becoming a credit card 'tart' but am after some advice. I have read the article on the site about this and am a bit confused about the bit on 'the problem with tarting' :
The problem with tarting
If you don’t shift the debt in time; you’ll pay the full APR (usually 15% - 20%) on all the outstanding debt. Within two or three months, you’ll have lost all that you gained from the 0% period. Tarting needs discipline and organisation, not good intentions. If that's not you, don't try; stick with a long term cheap deal.
Can anyone explain to me exactly what this means? If I get a balance transfer deal with 0% interest for 6 months and then forget to transfer my balance again before this 6 months is up what do I pay?
Any advice appreciated!!!
I am new to this site and am thinking about becoming a credit card 'tart' but am after some advice. I have read the article on the site about this and am a bit confused about the bit on 'the problem with tarting' :
The problem with tarting
If you don’t shift the debt in time; you’ll pay the full APR (usually 15% - 20%) on all the outstanding debt. Within two or three months, you’ll have lost all that you gained from the 0% period. Tarting needs discipline and organisation, not good intentions. If that's not you, don't try; stick with a long term cheap deal.
Can anyone explain to me exactly what this means? If I get a balance transfer deal with 0% interest for 6 months and then forget to transfer my balance again before this 6 months is up what do I pay?
Any advice appreciated!!!
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Comments
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If I get a balance transfer deal with 0% interest for 6 months and then forget to transfer my balance again before this 6 months is up what do I pay?
At the end of the 6 months, you'll be moved off of your 0% and onto the cards standard variable rate. As you've quoted above, it's is usually somewhere between 15-20% APR.
What you'll pay exactly depends on the card you have.
For example, if the card has reverted back to 15%, for every £1000 you have on the card, you'll pay £12.50 per month interest.Dave. :wave:0 -
am i correct in saying that if its a VISA card scheme to transfer it to another CC i need to apply for a VISA CC? not mastercard?0
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Not that I know of....all they're concerned about is the actual debt....at the purchase stage it matters but at transferring, no one really cares whether it's Visa or Mastercard.For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 20070
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so i can transfer my balance from a MBNA VISA card to my Llyolds TSB mastercard???
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I have transferred many times in the past between mastercard and visa and have never had any issues.'What's poignancy grandad?'
'It's the cordon bleu of emotions sonny'0 -
and it doesn't matter if its MBNA visa switch to a LloydsTSB or HSBC mastercard??0
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I don't see why it should matter, what makes you think it would?'What's poignancy grandad?'
'It's the cordon bleu of emotions sonny'0
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